Lombard Tricity "Chargecard"

KingNowt

Hi all,

Some 12 years ago, I took out my first bit of finance, what was to be the start of a death spiral I didn't think would still be with me now :-P

I purchased about £1000 of hifi equipment from Richer Sounds and took out a line of credit to pay for it. I think the company was Lombard Tricity, but it might have been a predecessor - I'm going in search of the card at the weekend. I remember the colours being burgundy and light blue, if that jogs anyone's memory!

Being naive (and happy to be getting some new toys!) I ticked the box marked PPI on the application form because the man in the shop said it was something I should tick to help me if I lost my job, and didn't mention anything about it actually costing anything. The credit product became a "chargecard", and was a fairly high (25%+) interest product. My monthly payments were about £100 which, as it turned out, comprised of some £50 of interest and £40 of PPI, meaning I was paying off barely £10 a month. This went on for several years, and I didn't even know I could cancel the PPI. I payed the whole account off with another loan about 4 or 5 years into the account.

While I do still need to locate all the paperwork, there is no doubt at all I was mis-sold the PPI, but as the account was set up almost 12 years ago and closed 8 or so years ago, do I have any chance of claiming for this PPI? I don't think the company as it was exists anymore, but I'd be very surprised if the credit lines weren't bought by another company.

I hope I can, as I've likely paid more in PPI than the value of the loan!

Cheers for your advice!

di3004

KingNowt wrote: »

Hi all,

Some 12 years ago, I took out my first bit of finance, what was to be the start of a death spiral I didn't think would still be with me now :-P

I purchased about £1000 of hifi equipment from Richer Sounds and took out a line of credit to pay for it. I think the company was Lombard Tricity, but it might have been a predecessor - I'm going in search of the card at the weekend. I remember the colours being burgundy and light blue, if that jogs anyone's memory!

Being naive (and happy to be getting some new toys!) I ticked the box marked PPI on the application form because the man in the shop said it was something I should tick to help me if I lost my job, and didn't mention anything about it actually costing anything. The credit product became a "chargecard", and was a fairly high (25%+) interest product. My monthly payments were about £100 which, as it turned out, comprised of some £50 of interest and £40 of PPI, meaning I was paying off barely £10 a month. This went on for several years, and I didn't even know I could cancel the PPI. I payed the whole account off with another loan about 4 or 5 years into the account.

While I do still need to locate all the paperwork, there is no doubt at all I was mis-sold the PPI, but as the account was set up almost 12 years ago and closed 8 or so years ago, do I have any chance of claiming for this PPI? I don't think the company as it was exists anymore, but I'd be very surprised if the credit lines weren't bought by another company.

I hope I can, as I've likely paid more in PPI than the value of the loan!

Cheers for your advice!

Hi there just to bump this thread up a little for you.

As this is some years ago I am uncertain on this myself but hopefully someone will be along to confirm this to you, good luck.;)

KingNowt

I'm not sure I can claim anything back on it either, and even if I can, finding who should pay it back could be even more difficult!

It just galls me to think that the first 20 hours of work in the month went to pay for something I didn't really ask for or understand, although I've certainly learned my lesson from the experience and have never taken PPI from a lender since :cool:

di3004

KingNowt wrote: »

I'm not sure I can claim anything back on it either, and even if I can, finding who should pay it back could be even more difficult!

It just galls me to think that the first 20 hours of work in the month went to pay for something I didn't really ask for or understand, although I've certainly learned my lesson from the experience and have never taken PPI from a lender since :cool:

Hi there

I can't see no harm in trying to reclaim though, you may be surprised.

Maybe give it a go and see what happens, at a cost of a stamp, it may be worth it.

If you decide to do this, let us know how you get on and if not successful, maybe someone here can think of other ways around this.

Good luck.;)

KingNowt

Just trying to figure out who I should be approaching now! I have sicne found some working out on balance transfers from a while ago, and I've got the product written down as "CreditCharge".

A quick search shows they became First National Tricity and subsequently (as of 2007) became part of GE Money. Going to dig a little further and see what more I can find :-)

di3004

KingNowt wrote: »

Just trying to figure out who I should be approaching now! I have sicne found some working out on balance transfers from a while ago, and I've got the product written down as "CreditCharge".

A quick search shows they became First National Tricity and subsequently (as of 2007) became part of GE Money. Going to dig a little further and see what more I can find :-)

Hi
Its useful to have the info, you may come across something interesting that may help in your case, good luck.;)